PRE MARKETS

Equity markets are trading well below fair value this morning on the heels of a post 4 oclock sell off on Friday.

My comments will be limited today as I have some other stuff going on -

Anyhow, in Barron's some wonderful picks by the roundtable from Jan 2- BAC MSFT INTC etc- and its great that they constantly remind us that it is a "stock pickers market".

Some good links:

BESPOKE on the VIX;

Country default risk continues to move up;

Financial Preferred's NOT SO GOOD;

VIX ETN's coming;

Dowd on the Wacky Govs;

And oops- futures seem to be moving higher as S and P says GE ratings "unaffected" by Q4 earnings- love the ratings agencies.